In order to meet our growing customer requirements, Possis Medical’s business model must stand on firm ground. As a result of our solid financial position, we will be able to continue to improve the performance of our products, develop new ways to use our technology, and support our movement into new markets with extensive clinical research. In fiscal 2003, Possis Medical realized its tenth profitable quarter in a row, exceeding earnings estimates based on record sales and net income. Record sales of $57.4 million were up 35 percent from fiscal 2002. At year-end, pre-tax income per diluted share was $0.64, nearly double the $0.34 reported for fiscal 2002. Increasing revenues and strong cash flow have given us the opportunity to complete and extend our share repurchase program, expand our sales force and increase our presence in the clinical and investigational communities. It is also supporting our introduction of new catheter products that will help drive
our market penetration in fiscal 2004 and beyond.